Jul 2 2007
UK consumers have been advised to find a more lucrative location for the millions of pounds that are resting in relatively low interest current accounts.
A collective total of close to £13.6 billion is currently being left as a surplus in ordinary bank accounts that could be accruing far more interest in a specified savings account, according to figures from Sainsbury's Bank.
Indeed, the financial services firm is convinced there are more than two million consumers with more than £500 in a current account who could be saving more effectively for their own or their children's financial future.
Peter Wood, head of savings at Sainsbury's Bank, said: "Our research indicates that there are millions of people who could be making their money work harder for them.
"Obviously, it is sensible to keep a surplus amount in your current account to ensure you don't go overdrawn, but many people have significant sums that they are not drawing upon."
Meanwhile, a recent report from Scottish Widows suggested that the average Briton spends more than £6,000 over the course of their lifetime on clothes and shoes they will never wear.
